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“ ‘I believe by the end of next year, you will see much lower inflation, if there’s not an unanticipated shock.’ ”
— U.S. Treasury Secretary Janet Yellen
That line above came from U.S. Treasury Secretary Janet Yellen, during a “60 Minutes” interview that CBS
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aired Sunday night.
Yellen, the former head of the Federal Reserve, also addressed whether Americans need to be worried about a recession hitting in 2023.
“There are always risks of a recession. The economy remains prone to shocks.But look, we have a very healthy banking system
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We have very healthy business and household sectors,” she said.
“There’s a risk of recession but it certainly isn’t, in my view, something that is necessary to bring inflation down.”
Her comments come after some top economists last week stressed the U.S. economy is at a fork in the road — and whether it veers into recession will depend on how adroitly the Fed handles high inflation.
U.S. stocks
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ticked higher Monday as traders eyed inflation data and the Fed decision due later this week that could set the tone for the remainder of the year.
Now read: 5 things to watch when the Fed makes its interest-rate decision
Plus: Janet Yellen and Lynn Malerba become first female pair to sign U.S. currency
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